Gas prices have dropped in Canada will summer bring more relief? - Google
Experts anticipate a potential decrease in gas prices for Canadians planning summer road trips, but market volatility and weather-related disruptions pose risks. Despite a declining trend since April, the average price remains relatively high at $1.60 per litre.
Patrick De Haan of GasBuddy predicts a further drop of 5 to 10 cents per litre by Canada Day, attributed to the end of refinery maintenance and increased summer gasoline supply. However, hurricane disruptions in July and August could impact costs.
Dan McTeague of Canadians for Affordable Energy warns of potential demand spikes and upward pressure on prices due to market volatility and global conflicts.
Diesel prices are also declining, possibly reaching their lowest levels since Russia's invasion of Ukraine. Economic concerns, highlighted by Ipsos polling, indicate a majority of Canadians scaling back vacation plans due to inflation and economic uncertainty.
The International Air Transport Association predicts continued airfare increases, prompting more people to choose flying over road trips despite rising travel costs. Statistics Canada data shows a 7.9% increase in pump prices in April, attributed to higher global oil prices, summer blend transitions, and a federal carbon levy hike.
